Post Market Analysis: Major stock indices closed higher led by gains in the broader market; SpiceJet, Kotak Mahindra Bank, Tanla Platforms in news today

Benchmark stock indices closed higher, led by gains in metal, banking and auto stocks as investors bought quality stocks as its prices dipped. The Sensex rose 1.56% to 57,633.65 and Nifty gained 1.56% to 17176.70.

Broader market including mid-cap and small-cap stocks advanced. Nifty Midcap 100 jumped 1.40% and BSE SmallCap climbed 1.14%.

Top gainers were Nifty Metal [3.13%], Bank [2.47%], Auto [1.6%], Energy [1.19%] and IT [1.13%]. Other sectoral indices also closed in the green.

Indian rupee was flat at 75.44 against the US dollar on Tuesday.

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Stock in News Today

SpiceJet Ltd: The Madras High Court has ordered SpiceJet to wind up its operations as it failed to clear its debt owed to Credit Suisse AG. An order was passed by a single judge bench and Justice R Subramanian directed the official liquidator to takeover the assets of the company but granted a three week stay at the request of the company to file an appeal against the order.

Kotak Mahindra Bank Ltd: The private-sector lender’s board will meet on December 10 and 11 to consider raising funds through multiple debt instruments in one or more tranches for FY23, it said in a regulatory filing.

Tanla Platforms, Vodafone Idea Ltd (VIL): Shares of Tanla closed 5% higher after the company announced that it has entered into partnership with VIL to deploy patented block-chain enabled Wisely Platform. The platform has been co-developed with Microsoft and it is expected to deliver manifold increase of ROI and deliver enhanced experience for millions of mobile users in India.

Infosys Ltd: The IT bellwether has announced a strategic collaboration with Financial Times, one of the world’s leading business news organizations. Infosys will utilise digital innovation to support creative and data-led storytelling experiences for the readers of Financial Times. The two companies will work together in 2022 on climate change-related simulation. The two companies also planned to develop a crossword app.

Dilip Buildcon: The company has emerged as the lowest bidder in a tender floated by South Eastern Coalfields Ltd. (SECL), for removal of over burden in Madhya Pradesh. The project has a contract value of Rs 2,683.02 crore and the contract period is for 1,795 days. The over burden removal quantity of the project stands at 236.183 million bank cubic metre.

AurionPro Solutions: The company’s shares rose to 4.99% after it said that the company has bagged Rs 140 crore project from SBI as solution provider for Kanpur Metro Project under Uttar Pradesh Metro Rail Corp. Ltd. The scope of the project pertains to the development of automatic fare collection system as well as maintenance and support for a period of 10 years.

Intellect Design Arena: The fintech company has announced that State Bank of India has chosen Intellect Wealth Qube, a digital wealth management suite for transforming its digital wealth management. The platform will help the lender to accelerate its business expansion and improve operational efficiencies.

Biocon Ltd: The biotechnology company Biocon on Tuesday said it has signed a pact with Saudi Arabia-based drug firm Tabuk Pharmaceutical Manufacturing Company to commercialise select speciality products in the Middle East region. As part of the deal, Biocon will develop and manufacture the products and Tabuk will commercialise them.